According to Union Bank of Switzerland (UBS), Bitcoin’s extreme volatility and instability put too much limitations on it to be considered as a mainstream asset class.
The cost reduction is a critical issue for the successful future of the financial services industry. Sergio Ermotti, UBS Group CEO, believes that blockchain has the potential to change the situation, but expects it to take up to ten years.
Four banking giants have joined IBM-led and UBS-backed initiative to create a new global trade finance platform Batavia.
Six of the world’s biggest banks teamed up to create a new digital currency ‘utility settlement coin’ for clearing and settling financial transactions.
R3 CEV aims to raise $150 million with the third tranche of fundraising round scheduled for later this year.
J.P. Morgan, Chase, Intel, Microsoft, Banco Santander and other firms have established an alliance to develop solutions for financial companies using Ethereum blockchain.
The banks are planning to develop a new digital cash to serve as a standard for financial trades settlement.
The San Francisco-based financial technology startup has announced partnerships with seven new banks to provide its blockchain platform for overseas payments.
Swiss bank UBS has offered its blockchain code to HEAL alliance to assist the company in fighting against HIV.
UBS Group AG partner Clearmatics continues raising its funds while UBS is working with blockchain.